Your Bank Secrecy Act program is all about helping the federal government detect and prevent money laundering, terrorist financing and other illegal activities. There are many ways in which you do this whether it’s developing written policies and procedures, identifying beneficial owners, reporting large cash transactions, etc. One of the most important pieces is monitoring for suspicious activity. Examiners want to ensure you have procedures in place to detect things that might be out of ordinary or suspicious. Criminals aren’t going to come out and tell you they are doing illegal things so it’s up to your team to be on alert for things that just don’t seem quite right and know where that information needs to go.
Kevin explains more in the video.
Published
2024/06/12